Three stories making news across the Midwest today:
1. Ohio misses tax revenue. Ohio businesses are losing out of “hundreds of millions” because internet companies do not collect tax dollars at the point of sale, according to a report from the University of Cincinnati’s Economics Center. Over a six-year period, the study’s author said the state will miss $1.1 billion between 2007 and 2012. At the same time, the competitive disadvantage for store-based retailers would result in a $600 million loss, Jeff Rexhausen, the study’s spokesperson, tells our partner station, Ideastream. He says approximately 11,000 jobs could be created if the loophole is closed.
2. Mixed Chicago real-estate numbers. In September, sales of all Chicago properties rose 6.8 percent year over year, and were accompanied by a median price increase of 5.6 percent. Outside the city, the story was a little different. In the nine-county Chicago area, sales rose 13.3 percent year over year, but the median price declined 8.6 percent to $160,000. The biggest drop came in Kane County, which endured a 20 percent median-price decline. “The slow economy and job recovery are sever drags on the market,” Loretta Alonzo, president of the Illinois Association of Realtors, tells the Chicago Tribune. “Plus, many able buyers are hitting roadblocks on financing a home purchase due to the overcorrection in mortgage underwriting requirements.”
3. Michigan unemployment rate down. Michigan’s unemployment rate fell by one-tenth of one percent in September, settling at 11.1 percent. Total employment rose by approximately 4,000 and the number of unemployed fell by 6,000, according to the Detroit Free Press. The rate is two percentage points higher than the national rate of 9.1 percent. Although the decline was the first since April, it was too miniscule to indicate the direction of the state economy, according to the newspaper. The flat rate hides an upswing in hiring, Jim Thompson, vice president of business development at JMJ Phillip.